📌Inflation welcome wagon. This was a discussion of an article written by James Grant in Grant”s Interest Rate Observer.  In this article, Jim discussed how different the Federal Reserve of yesteryear is from today.  The old Fed was worried about the least hint of inflation, today’s Fed is embracing it.

The reason may have to do with the fact that so much money has printed paying for the pandemic unemployment costs, that the Fed is admitting there will be inflation and getting ahead of it by embracing it.

The article goes on to quote Andrew Yang who was one of the many early Presidential candidates who lobbied in favor of universal basic income.  The thinking is that if we have gotten used to giving people income during the pandemic, why not make it permanent.  The problem is that nobody in Washington, neither Republican nor Democrat believes the punch bowl needs to be taken away.  They believe we can go on printing money forever without any consequences.  The truth of that remains to be seen.

📌Do you know the difference between being rich and being wealthy? Digging into the “Psychology of Money” by Morgan Housel and an article by Jason Zweig.

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